Cryptocurrencies have staged a cautious recovery in recent sessions, but these digital currencies are not out of the woods yet. Shiba Inu (CRYPTO: SHIB), which bounced back nicely in a recent reversal, could get a lift in the near term from a positive catalyst.
What Happened: Brazil's Foxbit announced on its Twitter Inc (NYSE:TWTR) handle that it will allow trading in Shiba Inu beginning on Feb. 16. The statement was made in Portuguese, a widely spoken language in Brazil, and roughly translates to "Make way for the sweetest doggo in the crypto universe. Shiba Inu is coming to Foxbit."
Foxbit is a cryptocurrency exchange operating in Brazil and it currently allows trading in Bitcoin (CRYPTO: BTC), Litecoin (CRYPTO: LTC), XRP (CRYPTO: XRP) and TrueUSD (CRYPTO: TUSD).
The exchange has more than 750,000 registered customers, according to its LinkedIn profile. In 2020, the exchange's transacted assets were worth 4 billion Brazilian Real ($771 million) and 203,000 Bitcoins. Founded in 2014, it is one of the oldest exchanges in the country.
Related Link: Robinhood CEO Explains Why He's Resisting Calls For Accepting Shiba Inu
Why It's Important: Shiba Inu began trading on Mercado Bitcoin, another big Brazilian exchange, on Dec. 1, 2021. Mercado Bitcoin is owned by 2TM, which is backed by investors including SoftBank Group Corp - ADR (OTC:SFTBY).
In the U.S., Shiba Inu backers have been calling for Robinhood Markets Inc. (NASDAQ:HOOD) to list the dog-themed crypto. A potential Robinhood listing is seen as the "one" catalyst that can give a real thrust to Shiba Inu and help it go higher.
SHIB Price Action: Shiba Inu was trading down 3.57% at $0.00003236 Thursday at publication.
Related Link: Shiba Inu Edges Out Bitcoin, Becomes The Most Popular Crypto On CoinMarketCap In January
